Step 6 – Look into Banking and Accountancy
Do you need an accountant?
This is a difficult question and there is no definitive answer. If your business is brand new and you have a simple financial situation, you might want to see if you can manage by yourself, at least in the short term. However, hiring an accountant can be a good thing as most can provide advice on tax planning and offsetting expenses against income. It also doesn’t need to be expensive.
The Money Advice Service can give more advice and explain what to look out for.
Do you need a business bank account?
If you’re a sole trader or in a partnership, you do not need to have a business bank account. But, you might find it useful to keep your business and personal finances separate, particularly if you’re in a partnership. If you’re running a limited company you do need to have a business bank account.
Like personal accounts, business bank accounts have a number of different features. You can compare different business bank accounts at:
